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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (35108)	11/2/1998 2:59:00 PM
From: flickerful	Respond to of 132070

<<I know the folks at the Kraut Merck and they are among the leaders in choosing good biotech partners. >> das gut. let me know what you see in the looksee... i am edified by your interest. flick

To: Knighty Tin who wrote (35108)	12/16/1998 7:11:00 AM
From: flickerful	Read Replies (1) \| Respond to of 132070

imclone...... a follow up post. i believe they dropped on this news after a gap up when the ranks were tmexicized... and left for dead. thought you'd like the news anyway... regards, flick ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ImClone Systems and Merck KGaA Sign Development and Commercialization Agreement for ImClone's Lead Anti-Cancer Compound, C225 NEW YORK and DARMSTADT, Germany--(BW HealthWire)--Dec. 15, 1998-- ImClone Retains North American Rights and Manufacturing ImClone Systems Incorporated (NASDAQ: IMCL) and Merck KGaA (DAX: MRX GR) announced today that they have signed an agreement for the development and commercialization of ImClone's lead anti-cancer product, C225. Under the terms of the agreement, Merck KGaA receives the exclusive license to develop and commercialize C225 outside of North America. ImClone retains North American rights and will continue to exclusively develop C225 in North America. The companies will co-develop the product in Japan. The agreement includes $30 million in up-front fees and early cash-based milestones, $30 million in late stage equity-based milestones and a $30 million credit line for the build-out of a manufacturing facility by ImClone for the commercial production of C225. Merck KGaA will fund clinical development outside of North America. ImClone will be the manufacturer of C225 and Merck KGaA will purchase product from ImClone for clinical trials and commercialization in its territory. Royalties will be paid to ImClone by Merck KGaA in connection with sales of C225 outside of North America. The late stage equity-based milestones are to be paid through the purchase of common stock of ImClone at a premium to the then market price. The agreement permits Merck KGaA, through a combination of those milestone payments, conversion of ImClone preferred shares purchased by Merck KGaA in their December 1997 Preferred Stock Purchase Agreement, and open market purchases, to own up to 19.9% of ImClone common stock. The December 1997 agreement was entered into in connection with the expansion of Merck KGaA's rights to ImClone's cancer vaccine, BEC2, to include co-promotion in North America. "We are pleased to be entering into this strategic partnership with Merck KGaA for C225. Merck KGaA is our partner with BEC2, which is in Phase III clinical studies in Europe and North America. Merck KGaA's commitment in the field of oncology and the strong leadership of its chief executive officer, Bernhard Scheuble, make them an ideal partner," commented Samuel D. Waksal, Ph.D., president and chief executive officer of ImClone Systems Incorporated. "This partnership continues our strategy of retaining rights in the North American market for our targeted therapeutic area of oncology and therefore allows us to create greater shareholder value. It also brings near term milestone payments which will enable us to continue to build our commercial capabilities." "This is one step further to expand our very promising activities in oncology. We are excited about the increasing ties with ImClone as the collaboration on BEC2 has been very satisfying and successful," stated Professor Scheuble, general partner, member of the Executive Board, and CEO Pharma of Merck KGaA. "The 'intelligent alliance' with ImClone not only enlarges our product range in oncology but also gives us access to research from important cancer centers in the United States." Currently being tested in late stage clinical trials, C225 is a monoclonal antibody that inhibits activity of the epidermal growth factor receptor (EGFr) associated with cancer cell growth in a number of solid tumors. ImClone has two oncology products in late stage clinical development and is advancing earlier drug candidates to the clinical stage. Based on trial results reported at this year's ASCO and this year's ASTRO meeting, ImClone is finalizing protocols for two separate Phase III studies using C225 in head and neck squamous cell cancers in combination with chemotherapy and in combination with radiation therapy. In addition to C225, ImClone's other late stage clinical development program is an anti-cancer vaccine, BEC2. ImClone and its corporate partner, Merck KGaA, have initiated a Phase III multinational trial to study BEC2 in limited disease small cell lung cancer patients. In pre-clinical research, the Company is evaluating the therapeutic potential of its antiFLK-1/KDR monoclonal antibody as an anti-angiogenic agent, especially against tumors known to secrete vascular endothelial growth factor. ImClone Systems Incorporated, headquartered in New York, is a biopharmaceutical company developing novel therapeutic products including interventional therapeutics, cancer vaccines and blood cell growth factors for the treatment of cancer and cancer-related disorders. Merck KGaA, headquartered in Darmstadt/ Germany is a leading international company operating in pharmaceuticals, laboratory and specialty chemicals business. The group employs more than 29,000 people worldwide and in 1997 had a turnover of DM 7,966 million. Except for the historical information contained herein, the matters discussed in this news release may include forward-looking statements. Actual results may differ materially from those predicted in such forward-looking statements due to the risks and uncertainties inherent in the Company's business, including, without limitation, risks and uncertainties in obtaining and maintaining regulatory approval, market acceptance of and continuing demand for the Company's products, the impact of competitive products and pricing, and the Company's ability to obtain additional financing to support its operations. The Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. CONTACT: ImClone Systems Incorporated Andrea F. Rabney Senior Director of Corporate Development Investor Relations (212) 645-1405 or Burns McClellan, Inc. Justin Jackson (media) Jason Farber Jonathan M. Nugent (investors) (212) 213-0006 KEYWORD: NEW YORK BW1024 DEC 15,1998 3:48 PACIFIC 06:48 EASTERN